When planning for the financial aspects of long-term care, don't forget to explore "Aid & Attendance Pension" benefits offered by the Veterans Administration. This is certainly not something to pooh-pooh since the cash benefits can go as high as $30,480 annually. The benefits under this program were enhanced in 2010.
The basic eligibility requirements are...
1. 90 days of active-duty service, one of which was during wartime;
2. Limited assets and income;
3. You were not dishonorably discharged;
4. You need regular assistance from another person;
5. You are permanently and totally disabled, or over the age of 65.
Please take another look at #5 and note that, contrary to popular belief, the disability does not have to be service-related. In fact, there has been no need for the disability to be service-related since 1920.
I also want to point out that the name of this program is misleading; this is not like a conventional pension since it requires a disability (or over 65) and it is means-tested. But it is like a normal pension in the sense that it delivers a cash amount to you every month.
I found a nice write-up on the particulars of this program here.
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